Understand the concept of market equilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to determine the equilibrium price and quantity sold in a market.

Quick explanation

Understand the concept of market equilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to determine the equilibrium price and quantity sold in a market

• This point belongs to Price determination, especially Price determination outcomes.
• You need to be able to understand the concept of market equilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to determine the equilibrium price and quantity sold in a market.
• The key ideas to know are Define, Describe, and Explain.
• Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.